MarketFriction

Force Motors Ltd

NSE FORCEMOT · BSE 500033 · Passenger Cars & Utility Vehicles
₹16,800.00 -1.49%
NSE close2026-10-01
52 week range14,911.00 - 26,450.00
Market cap₹22,274 Cr.
P/E20.2
Nifty 500Nifty Smallcap 100Smallcap 250 No price band Delivery 29.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,8021,6922,0111,8851,9411,8892,3562,2972,0812,1292,5502,440
Expenses1,5811,4771,7331,6401,6641,6582,0271,9741,7191,7552,1362,112
Operating Profit221215279245277232329323363374414328
OPM %12%13%14%13%14%12%14%14%17%18%16%13%
Other Income94181592041825262413943
Interest161414954700030
Depreciation676868696971727071737277
Profit before tax147137214182211177668278317543378293
Tax %36%37%35%36%36%35%35%36%-11%25%26%26%
Net Profit9485140116135115435176351406279217
EPS in Rs71.2464.81106.4587.81102.4787.51329.92133.82266.14308.21211.38164.36
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,0253,0693,4233,6523,0811,9883,2405,0296,9928,0729,0579,200
Expenses2,7512,8013,1553,3782,8201,9643,1904,7166,0966,9737,5737,721
Operating Profit27426826827526124503138971,0991,4841,479
OPM %9%9%8%8%8%1.2%1.6%6%13%14%16%16%
Other Income71866982325226837446321349
Interest5671528284168622633
Depreciation92113129151195174191241267280286293
Profit before tax24923520119042-176-1302726051,2381,5161,531
Tax %28%23%27%25%-20%-30%-30%51%36%35%20%
Net Profit17918014714350-124-911343888011,2121,252
EPS in Rs135.77136.68111.66108.7838.08-93.83-69.12101.42294.54607.71919.55950.09
Dividend Payout %7%7%9%9%26%-5%-14%10%7%7%5%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth12%35%22%8%
Compounded Profit Growth18%62%209%82%
Stock Price CAGR17%63%64%1%
Return on Equity10%13%19%26%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131313131313131313131313
Reserves1,3061,4761,6541,7881,9201,9521,8251,7351,8622,2423,0204,181
Borrowings111419902863106421,069955524170
Other Liabilities6458017387226178237578441,1841,6352,0832,343
Total Liabilities1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,538
Fixed Assets6387869119481,2161,4001,2242,0332,0942,0311,9691,921
CWIP240205220369372445725302154171287536
Investments0149102378100111979110398
Other Assets1,0971,3001,4631,1961,2251,1751,1891,2151,6682,1212,7753,981
Total Assets1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,538
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2262564712563144097185321,0141,5461,297
Cash from Investing Activity-96-210-621-81-606-327-333-356-256-198-926-900
Cash from Financing Activity-45-37180-223256-20293375-207-509-562-73
Net Cash Flow85930-47-3562-32376830858324
Free Cash Flow10919236-62-183-49-445-3152748101,181761
CFO/OP176%107%198%106%131%163%41%32%171%130%161%116%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days171814261720232114588
Inventory Days8792736866911368977837372
Days Payable8770808152951087269614859
Cash Conversion Cycle17406133115523822273220
Working Capital Days15233043436-5-37-6-21639
ROCE %10%18%14%11%10%5%-5%-3%5%24%30%36%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%
FIIs4.94%4.91%6.34%7.78%7.89%8.15%8.36%9.77%10.27%10.46%10.93%9.51%
DIIs1.59%1.20%0.86%1.02%0.92%0.90%1.43%1.66%1.48%1.80%1.75%1.46%
Public31.86%32.27%31.16%29.57%29.56%29.30%28.58%26.94%26.63%26.12%25.69%27.39%
No. of Shareholders48,08647,55647,74251,90956,04459,20756,16459,41972,33471,87078,75094,439

Fundamentals

Market Cap₹ 22,274 Cr.
Current Price₹ 16,905
Stock P/E20.2
Book Value₹ 3,183
ROCE36.0 %
ROE26.1 %
Dividend Yield0.30 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)8%
Compounded Profit Growth (TTM)82%
Consolidated figures.
Valuation
Market capRs 22,136 Cr
Enterprise valueRs 21,305 Cr
P/E (TTM)17.68x
Price to book5.28x
Price to sales2.41x
EV / EBITDA11.66x
EV / EBIT13.88x
EV / sales2.32x
Price to cash flow17.07x
Earnings yield5.66%
Dividend yield0.30%
P/E, 3-year average20.19x
P/B, 3-year average4.75x
P/E, 5-year average18.02x
P/B, 5-year average3.17x
Profitability
Operating margin (excl. other income)16.38%
Operating margin (incl. other income)19.93%
EBITDA margin19.87%
Pre-tax margin16.64%
Net profit margin13.61%
Net margin, latest quarter8.88%
ROE33.53%
ROCE41.93%
ROA20.76%
ROE, 3-year average27.53%
ROCE, 3-year average36.36%
ROA, 3-year average15.58%
ROE, 5-year average16.98%
ROCE, 5-year average23.56%
ROA, 5-year average9.52%
ROIC (approx.)36.48%
Tax rate20.05%
Other income / net worth7.66%
Growth
Sales growth (latest year)12.21%
Profit growth (latest year)51.31%
Sales CAGR, 3 years21.67%
Sales CAGR, 5 years35.43%
Profit CAGR, 3 years108.52%
Sales growth QoQ-4.31%
Profit growth QoQ-22.25%
Sales growth YoY (latest quarter)6.21%
Profit growth YoY (latest quarter)22.82%
Per share
EPS (TTM)Rs 950.09
EPS (latest year)Rs 919.56
EPS (latest quarter)Rs 164.36
EPS, 3-year averageRs 607.27
EPS, 5-year averageRs 370.82
Book value per shareRs 3,183.26
Sales per shareRs 6,982.11
Cash flow per shareRs 984.41
Free cash flow per shareRs 577.55
Dividend per share (latest year)Rs 50.01
Dividend per share, 3-year averageRs 36.68
Dividend per share, 5-year averageRs 26.01
Dividends
Dividend payout5.44%
Dividend payout, 3-year average6.27%
Dividend payout, 5-year average7.17%
Efficiency
Asset turnover1.39x
Fixed asset turnover4.71x
Inventory turnover5.33x
Inventory days68 days
Debtor days8 days
Debtors turnover47.38x
Creditor days59 days
Cash conversion cycle20 days
Working capital days39 days
Leverage
Cash and bankRs 832 Cr
Net debtRs -832 Cr
Net debt / EBITDA-0.46x
Interest coverage484.06x
Current ratio (filing 2026-03-31)1.87x
Quick ratio (filing 2026-03-31)1.26x
Trade payables (filing 2026-03-31)Rs 1,040 Cr
Owners' fund to total sources64.16%
Cash flow
Cash from Operating Activity (latest year)Rs 1,297 Cr
Cash from Investing Activity (latest year)Rs -900 Cr
Cash from Financing Activity (latest year)Rs -73 Cr
Net Cash Flow (latest year)Rs 324 Cr
Free cash flow (latest year)Rs 761 Cr
Cash from ops / profit, 5 years1.80x
Sales to cash flow6.98x
Statement figures
Net sales (TTM)Rs 9,200 Cr
Net sales (latest year)Rs 9,057 Cr
Sales (latest quarter)Rs 2,440 Cr
Operating profit excl. other income (latest year)Rs 1,484 Cr
Operating profit (latest quarter)Rs 328 Cr
Other income (TTM)Rs 349 Cr
EBITDA (TTM)Rs 1,828 Cr
PBDT (TTM)Rs 1,824 Cr
Profit before tax (TTM)Rs 1,531 Cr
Tax (latest year)Rs 304 Cr
Net profit (TTM)Rs 1,252 Cr
Net profit (latest year)Rs 1,212 Cr
Net profit (latest quarter)Rs 217 Cr
Depreciation (TTM)Rs 293 Cr
Depreciation (latest quarter)Rs 77 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 6,707 Cr
Total expenditure (latest year)Rs 7,573 Cr
Total income (latest year)Rs 9,378 Cr
Share capitalRs 13 Cr
ReservesRs 4,181 Cr
Shareholders' fundsRs 4,194 Cr
Total assetsRs 6,538 Cr
Net blockRs 1,921 Cr
Capital work in progressRs 536 Cr
InvestmentsRs 98 Cr
ReceivablesRs 191 Cr
InventoryRs 1,258 Cr
Other liabilitiesRs 2,343 Cr
Shares outstanding (crore)1.32
Ownership
Promoter holding61.63% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 17.7 is at the 26th percentile of its own 7.2-year range (median 23.4, low 6.7, high 93.9).
P/B 5.28 is at the 80th percentile (median 1.26).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodFORCEMOTNifty 50Difference
1 week-2.0%-2.8% +0.8 pts
1 month-5.2%-6.8% +1.6 pts
3 months-10.7%-7.6% -3.0 pts
6 months-13.4%+0.4% -13.8 pts
1 year-5.4%-9.9% +4.5 pts
2 years+134.2%-13.6% +147.7 pts
3 years+338.5%+14.2% +324.3 pts
5 years+1054.0%+27.9% +1026.2 pts
65 mutual fund schemes hold about ₹373 Cr. Over three months 14 bought more and 15 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Sundaram Aggressive Hybrid Fund(M0.87%81 +100%
PGIM India Midcap Fund0.58%65 +100%
Sundaram Flexi Cap Fund1.92%38 +7%
Sundaram Value Fund2.69%35 +7%
Sundaram Multi Asset Allocation Fund0.82%28 +100%
Sundaram ELSS Tax Saver Fund1.91%25 +5%
SBI Arbitrage Fund0.03%16 +100%
Nippon India Nifty Smallcap 250 Index Fund0.38%13 +2%
Sundaram Dynamic Asset Allocation Fund0.78%13 +100%
SBI Nifty Smallcap 250 Index Fund0.38%7 +2%
Mirae Asset Arbitrage Fund0.17%6 -36%
Mirae Asset Arbitrage Fund0.17%6 -36%
WOC Arbitrage Fund0.26%5 -54%
Motilal Oswal Nifty Smallcap 250 Index Fund0.38%5 +2%
Sundaram Equity Savings Fund0.46%5 +100%
Sundaram Equity Savings Fund0.46%5 +100%
ICICI Pru Nifty Smallcap 250 Index Fund0.38%3 +2%
HDFC NIFTY Smallcap 250 Index Fund0.38%3 +1%
Edelweiss Nifty500 Multicap Momentum Quality 50 Index Fund0.46%3 -13%
JioBlackRock Nifty Smallcap 250 Index Fund0.38%2 +2%
Motilal Oswal Nifty 500 Index Fund0.04%1 +4%
Edelweiss Nifty Smallcap 250 Index Fund0.38%1 +2%
Nippon India Nifty 500 Equal Weight Index Fund0.20%1 +6%
Axis Nifty500 Quality 50 Index Fund1.03%1 +3%
Groww Nifty Smallcap 250 Index Fund0.38%1 +2%

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹2,440 Cr +6.2% vs Jun 2025. Net profit ₹217 Cr +23.3%.
Against our estimate for Jun 2026: sales -3.8%, profit -38.5% miss. Our estimate for Sep 2026: sales Rs 2,231 Cr, profit Rs 310 Cr (how).

Activity

Compare
CompanyMcap (Cr)P/EROCE
Maruti Suzuki India Ltd373,41626.018.9 %
Mahindra & Mahindra Ltd366,96519.115.1 %
Hyundai Motor India Ltd170,63434.538.4 %
Tata Motors Passenger Vehicles Ltd103,4741042.73 %
Olectra Greentech Ltd9,33252.621.0 %
Mercury EV-Tech Ltd7351612.64 %
Hindustan Motors Ltd31872.416.7 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-09-09Dividend - Rs 50 Per Share
2025-09-10Dividend - Rs 40 Per Share
2024-08-28Dividend - Rs 20 Per Share
2024-08-28Annual General Meeting
2023-09-21Annual General Meeting/Dividend - Rs 10 Per Share
2022-09-20Annual General Meeting/Dividend - Rs 10 Per Share
2021-09-20 Annual General Meeting/Dividend - Rs 5 Per Share
2020-09-21 Annual General Meeting/Dividend - Rs 10 Per Sh
2019-09-12 Annual General Meeting/Dividend - Rs 10 Per Share
DateTypeWhat it says
2026-10-01Shareholder meetingNotice of Extraordinary General Meeting to be held on October 26, 2026
2026-10-01Shareholder meetingNotice of Extraordinary General Meeting to be held on October 26, 2026
2026-10-01General UpdatesGeneral Updates-Shareholders Meeting- date of EGM and related information for Second A Equity Shareholders.
2026-10-01General UpdatesGeneral Updates-Shareholders Meeting- date of EGM and related information for A Equity Shareholders.
2026-09-30Monthly updateMonthly Business Updates for the month of September 2026
2026-09-25Board meeting outcomeOutcome of Board Meeting held on September 25, 2026.
2026-09-18UpdatesESG Ratings".
2026-09-18Shareholder meetingVoting results.
2026-09-16Shareholder meetingProceedings of Annual General Meeting held on September 16, 2026
2026-09-01Monthly updateMonthly Business Updates for the month of August 2026
2026-08-25Shareholder meetingNotice of Annual General Meeting to be held on September 16, 2026
2026-08-25UpdatesDate of payment of Dividend.
2026-08-25UpdatesIntimation of book closure-10-09-2026 to 16-09-2026 (both days inclusive).
2026-08-25Record DateRecord date for the purpose of Dividend is 09-Sep-2026.
2026-08-25General UpdatesGeneral Updates-Date of AGM-16-09-2026
2026-08-25General UpdatesCommunication to Shareholders holding Shares in Physical Mode for furnishing of PAN and Other KYC details
2026-08-07General UpdatesGeneral Updates- Investor Presentation on the Standalone and Consolidated financial performance of the Company for the quarter ended on 30th June, 202...
2026-08-03Monthly updateMonthly Business Updates for the month of July 2026
2026-07-29CessationCessation of following officials as Senior Management Officials of the Company w.e.f. July 29, 2026.1. - Mr. Makarand P. Kanade;2. - Mr. Pradeep S. Dh...
2026-07-29Board meeting outcomeOutcome of Board Meeting held on July 29, 2026 - Changes in Senior Management Officials of the Company w.e.f. 29.07.2026.
2026-07-29AppointmentRe-appointment of Mr. Mukesh Patel as Non- Executive Independent Director of the company for a second term of 5 years w.e.f. August 13, 2027.
2026-07-29AppointmentRe-appointment of Ms. Sonia Prashar as Non- Executive Independent Director of the company for a second term of 5 years w.e.f. September 28, 2027.
2026-07-29AppointmentRe-appointment of Mr. Vallabh Bhanshali as Non- Executive Independent Director of the company for a second term of 5 years w.e.f. August 13, 2027.
2026-07-29Director changeChange in Director(s) of the company.
2026-07-29Board meeting outcomeOutcome of Board Meeting held on July 29, 2026 - Re-appointment of three existing Independent Directors of the Company for a second term of 5 years.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.50
Max pain (expiry 2026-10-27)17,000
Largest call open interest at17,500
Largest put open interest at17,000
Implied volatility, at the money39.1%
Underlying at snapshot16,800.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-29550
2026-09-28325
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2018-06-14CESTATFORCE MOTORS LIMITED ---VS.--- UJJAIN
2018-06-14CESTATFORCE MOTORS LIMITED ---VS.--- UJJAIN
2017-11-16CESTATFORCE MOTORS LIMITED ---VS.--- INDORE
2017-10-23CESTATFORCE MOTORS LTD ---VS.--- INDORE
2017-09-07CESTATFORCE MOTORS LTD ---VS.--- INDORE
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Force Motors Ltd?

Force Motors Ltd (FORCEMOT) has a market capitalisation of Rs 22,274 Cr. at the 2026-10-01 close.

What is the P/E ratio of Force Motors Ltd?

Force Motors Ltd trades at a P/E of 20.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were Force Motors Ltd's latest quarterly results?

In the Jun 2026 quarter, Force Motors Ltd sales was Rs 2,440 Cr (+6.2% vs Jun 2025) and net profit was Rs 217 Cr.

What is the 52-week high and low of Force Motors Ltd?

The 52-week high is Rs 26,450.00 and the 52-week low is Rs 14,911.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03